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There are so many ways to avoid paying income taxes in a country. Perhaps the easiest is taking a loan with security in stock. Wealth tax and taxing stock in general is practiced in my country with great success (should be much higher still) and is in fact great for the economy: it forces people to invest or see their fortunes diminish. Your statement shows lack of knowledge and imagination that other systems than the one you preside in could exist.
How do they pay those taxes though? I imagine by forcing the companies they've invested in to give them a higher dividend? Or do they actually sell stocks in order to pay the tax?
They can do either depending on what is most profitable. Usually they will try to do some scummy tax evasion maneuvers or cry on national television, but ultimately paying these taxes is of no issue to them in reality. The reason they do not want to part with stock, hence their crying, is because holding on to it is so damn profitable to them. They may even go to lengths of taking loans instead to pay taxes before selling ownership of stock.
They also get tax write offs whenever a stock decreases in value, so this is just sharing a small part of their spoils when times are good and business is booming. In exchange they get well functioning public services, a highly educated work force, stipends for starting companies and so on. In reality the top 0,1 % percentile pay less taxes than the bottom 10 % per capita as percentage of their income.
Your comment proves that you have no idea what you are talking about. Typically the ultra rich do not have income. They are paid in stocks and other things of the sort.
Their "income" comes from their stock portfolios and etc
When you receive a stock as a form of payment its value when received is filed at income on once taxes, as are any dividends unless they are commuting tax frauds or using loopholes. We should close any loopholes
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We should at least start by closing the stepped-up basis loophole, but stopping there would require patience that i don't have.
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You don't know how any of this works, but you've been fed a lie about how it supposedly works and now you think you know how it works and try to lord your false knowledge over others. A wealth tax that includes stocks would simply be another calculation to make as to whether they're worth holding.
Just take the list of the fortune 500 and have the IRS hit them up for cash individually, then.
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